South Florida may not have a very large Irish population, but we’re all Irish when it comes to St. Patrick’s Day. On Saturday, most of Floridians will be painting the town green with the Irish spirit in all of us. Why not ponder a little something while spending all of this week’s paycheck downing infamous green beers or pints of dark Guinness? Is there a way you could save more of your hard earned money?
Well, you’ve found your four-leaf clover. You can paint your estate plan green and save some of those green Benjamins you’ve worked so hard for.
Did you know that the average American works about 80,000 hours in a lifetime? However, national statistics reveal that 80% of Americans die without a will. Less than half of all Florida residents have an estate plan in place. Such a result is a nice pot for Uncle Leprechaun to dip into and hoard your treasures.
Do you know that establishing a Revocable Living Trust avoids probate, thus saving you tens of thousands of dollars while providing your family with complete asset protection?
Do you know that proceeds from a South Florida life insurance policy may carry a hefty estate tax? Establishing an Irrevocable Life Insurance Trust will transfer life insurance benefits into a trust and save your family hundreds of thousands of dollars.
Do you know that about 50 million lawsuits are filed each year? If you own your own business, then choosing the right business entity can protect you from creditor claims. A Limited Liability Company will shield your personal assets from debts and liabilities. A Limited Liability Partnership will protect your personal assets from the mistakes of your partners. The Family Limited Partnership is an ideal legal entity for the family business venture. The main benefit is that the partnership itself pays no taxes. Rather, individual partners report all property or assets in direct proportion to their respective FLP interests on personal tax returns.
This weekend, contemplate step dancing your way into a more solid and secure estate plan. There are many options available that our highly skilled and knowledgeable attorneys can apprise you of. But don’t delay. Actions speak louder than thoughts.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?